In the 24 hours, the market lost the crypto gains of the earlier part of the week, but BTC’s $25900 support level is holding up as a relief.
The SEC has delayed the approvals for the crypto ETFs, which was a dampener for the crypto gains. Traders saw a crypto dip forming in the market with Bitcoin’s decline. Fortunately, the $25900 support level for BTC is still intact.
The spot crypto ETFs generated renewed enthusiasm for the market lately. Traders and investors had expected an early September approval from the SEC. Major investment firms like Blackrock and Fidelity were in line for the ETFs.
Analysts have now revised their bullish predictions for crypto till October. It may arrive sooner but would largely depend on regulators and the economy. Moreover, most experts are confident of the final ETF approvals by the end of 2023. Thus, the year could end on a high for Bitcoin and other tokens.
Bitcoin’s market cap is stable at over $500 billion, though its seven-day average has turned negative. ETH also dipped below $1700 and is now trading at $1645. BTC saw a rather sharp correction, while other tokens also lost value.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25900 on September 1, 2023, with BTC/USD trading lower by 4.4% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,612.74) as BTC’s 24-hour volume decreased to around $24 billion. Bitcoin has seen around 57.04% returns on a year-to-date basis.